This Hackett Group research is an actionable summary that drills down on ‘how’ World-Class companies have leveraged digital transformation to excel over their peers
The next big thing for Credit and A/R
As per the Hackett Group survey, a majority of finance executives agree that digital transformation will bring about fundamental change in financial services within a short time frame.
What does it look like, how is it different?
World-Class organizations have been able to largely automate their financial operations and realize up to 45% more savings than their peers. These savings are attributed to:
By analyzing different indicators, these are the areas where A/R leaders have harnessed technology and cracked the code for being World-Class.
With the help of technology, such as robots and Artificial Intelligence, analysts in World-Class companies save 24% more time in low-value work such as:
Analysts instead focus on strategic tasks, such as researching invalid deductions, controlling credit-risk, reducing critically delinquent accounts.
50% of World-Class companies have advanced reporting and analytics capability providing
comprehensive process visibility and helping in decision-making by:
Technology positions executives to drive next- level process transformation versus policing metrics and process owners.
Artificial Intelligence-enabled systems have self learning capability that monitor analyst activity and improve over time, making lower mistakes.
As per the Hackett Group study, it is beyond the point where companies are able to debate whether or not to initiate Digital Transformation. It is a low-hanging fruit that warrants immediate focus in order to stay future-ready.
To start with the Digital Transformation journey, finance execs should consider heavy investment in the following areas:
Automation of clerical repetitive tasks across C2C
Core automation means that costs are low and effort is allocated in the right tasks
Single, integrated platform
More effective in delivering services to internal and external stakeholders
AI-driven automation technology
Low-error rates in tasks
Integrated reporting and analytics
Better decision making and insight
Using big-data and machine learning
Improved outcomes of A/R actions – faster, more effective collections
It is too late to be a fence-sitter when it comes to Digital Transformation for Accounts Receivable. But with the recent hype over different options for automation, it is difficult for executives to zero-in on a decision.
The findings highlighted in this e-book describe how World-Class companies have already been able to transform their processes. Rather than starting from scratch, emulating the practices adopted by these high-performing companies is a fail-safe way of embarking on your Digital Transformation journey.
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HighRadius Credit Software automates the credit management process, enabling credit managers to make highly-accurate credit decisions 2X faster and enable faster customer onboarding with 4 primary components: configurable online credit application, customizable credit scoring engines, credit agency data aggregation engine, and collaborative credit management workflow. Along with that, there are a lot of key features that should definitely be explored some of which are online credit application, credit information aggregation, automated credit scoring & risk assessment, credit management workflows, approval workflows, and automated bank & trade reference checks. The result is faster customer onboarding, better internal collaboration, higher customer satisfaction, more targeted periodic reviews, and lower credit risk across the company’s customer portfolio.